New commission will weigh whether to create a state-owned bank in Massachusetts

New commission will weigh whether to create a state-owned bank in Massachusetts
Jon Chesto • blogs.wickedlocal.com • October 14, 2010

The idea of creating a state-owned bank certainly raised some eyebrows in the local banking industry when Senate President Therese Murray suggested exploring the idea in February. Now, it’s Gov. Deval Patrick’s turn to push the unusual concept along.

Under Murray’s prodding, the Legislature called for the creation of a commission charged with analyzing whether a state-owned bank makes sense in Massachusetts. The requirement was included in an economic development bill that Patrick signed into law in August.

The law requires the governor to make appointments to the commission by early November. When I asked Patrick today when those appointments might be forthcoming, he didn’t really give any timetable, other than to respond with an emphatic “soon.”

Read the entire post here.

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